I thought it would be nice to share some of the stuff we are doing in the Research Lab here on the Market Toolbox blog….
As we discussed last week on the Wednesday show, the S&P 500 has traded at the 1111 level 36 weeks in the last 12 years.
We found ourselves at this same level last week.
It’s also interesting to note that the current level is the mid-way between the April 26 high and the May 25 low. Almost exactly at the 50% retracement from high to low.
So we are pretty much sitting right at equilibrium going into earning season.
Based on the range we indicated last week, we have moved right into the middle of the yellow ellipse. Next week will be interesting as we are right at the perfect battle line for the Bulls and Bears. Quite frankly it could go either way next week, but the key is the upcoming earnings season which is still a couple weeks away.
The range has become much tighter and it would seem that last weeks “tradeable bounce” might have run out of steam, but then again the market has demonstrated considerable strength in the last week and it may carry over. In which case we have a “baker’s dozen” stocks for you to watch.
Here are the pictures.
Those are some stocks we will be watching and discussing next week.
Check the Trade Plans before the market opens each day to see which stocks make the cut.
To all you Dads out there, have a Happy Father’s Day and enjoy your weekend.
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